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Important Saudi investments in the Sultanate of Oman

An Omani official explained the objectives of the memorandum of understanding signed by the Saudi Fund for Development with the Omani Ministry of Finance, to finance the project to establish the “Al Mudhaibi Industrial City.”
According to the Fund’s statement, the memorandum aims, through a grant worth $40 million, to develop the industrial, logistical, developmental and social sectors through the establishment of an integrated city, with all infrastructure services that will contribute to the development of various industries in the state of “Al-Mudhaibi”.
The Saudi Fund for Development signed a memorandum of understanding with the Omani Ministry of Finance to finance an infrastructure development project in the Sultanate of Oman worth 1.2 billion Saudi riyals ($320.4 million).

In this context, Khalfan Al-Tawqi, a member of the Board of Directors of the Chamber of Commerce and Industry of the Sultanate of Oman, said that Saudi funding for industrial zones in the Sultanate is not the first of its kind, as it was preceded by funding for the “Al-Dhahirah” industrial city.
He added, in his conversation with “Sputnik,” that there are unannounced conditions between the two countries, regarding interest and time period, as well as regarding the percentage of partnership.
He pointed out the importance of the region, given the Omani approach to developing the governorates, which constitutes a special importance for the “Al Mudhaibi Industrial Area”, as it is located in the middle of many important Omani governorates and cities.
Al-Tawqi points out that the area is prepared to become an “industrial zone,” as it is about 150 kilometers away from some other industrial areas, pointing out that the area is intended for light industries in many sectors, “which have not been officially announced.”
According to the Omani official, the region provides thousands of job opportunities for the people of the region, prevents migration to the capital, and contributes to the development of the region. He stressed the importance of enhancing cooperation between the two countries and the positive effects of Saudi investments in the Sultanate.
On April 21, the Saudi Fund for Development in the Sultanate of Oman signed; A development financing agreement with the Oman Development Bank worth $67 million.
The agreement came within the framework of the support program provided by Saudi Arabia, through the Fund, to the Sultanate of Oman, worth $150 million.

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